HSBC set a new record low rate today but a top mortgage adviser doesn’t expect more rate drops to follow.

Century 21 New Zealand has re-launched its Turangi office as national manager Geoff Barnett says with Taupo house prices gathering strength, many buyers are looking for a holiday house in Turangi thanks to its close proximity to Lake Taupo.

Quotable Value statistics for the year ending December 2016 show average property values in the wider Taupo district were up 14% compared to the previous year – outstripping the 11.2% recorded growth for Auckland City during the same period.

“Taupo real estate has been pretty quiet for some years but now we’re seeing some real lift helped by the fact that property prices at the southern end of the lake are gaining some serious interest and traction,” said Barnett.

“The local team at Century 21 are off to a great start, with more and more Kiwis waking up to the amazing opportunities Turangi presents. There are three and four bedroom homes selling for less than $150,000 which is only about a 10th of what similar homes in some parts of Auckland are selling for.”

Mostly built in the 1960s and 1970s to house those working on the Tongariro hydro-power project, the ‘Trout Fishing Capital Of The World’ is also known for the nearby skiing, hiking, mountain biking, whitewater rafting, and boating – helped by its proximity to Lake Taupo, Mount Ruapehu, and of course the bordering Tongariro River.

“Once the hydro dam scheme was complete, the Ministry of Works sold off its housing stock in the 1980s and now we’re seeing many properties coming on the market again,” said Barnett.

“An increasing number of prospective buyers are now solely holiday-makers. Century 21 agents are seeing more Aucklanders blown away by the fact that a holiday house may in fact be well within their financial reach.”

He says the town’s location spells a bright future.

“It’s literally in the middle of the North Island with both Auckland and Wellington less than four hours away. What’s more with the ongoing Waikato Expressway improvements and Transmission Gully now under construction, Turangi’s only getting closer.

“With our global website we’re instantly marketing the likes of holiday homes in Turangi to the world in whatever language you ask for. These kinds of places are also getting spied by expat Kiwis wanting a little bolthole back in New Zealand.”

Barnett says with real estate in Auckland and other key cities remaining strong, and with many of the regions now experiencing significant growth, Century 21 remains confident in 2017.